A standalone market is an MSCI category for stock markets that are not part of the Emerging Markets or Frontier Markets indexes, but are still assessed with those tiers' size and liquidity criteria. On 15 October 2026, MSCI proposed moving Indonesia from emerging market to this category. That is still a proposal, not a decision. Data is as of 16 October 2026.

Key Takeaways

• According to MSCI, a standalone market is one not included in the MSCI Emerging Markets or Frontier Markets indexes, but using Emerging or Frontier size and liquidity criteria.
• A market can enter this category in two ways: it is newly assessed or was previously closed to some investors, or it drops from another tier after a severe deterioration in accessibility or liquidity.
• Examples named in coverage of MSCI's 2026 review: Argentina, Nigeria, Panama, and Trinidad and Tobago. Bulgaria will move to frontier at the May 2027 review.
• On 15 October 2026, MSCI proposed moving Indonesia from emerging to standalone. Feedback is open until 30 April 2027 and the final decision is due by 30 June 2027.
• MSCI's release gives no weights or number of affected stocks, and the proposal is not a price forecast for any particular stock.

What Is a Standalone Market?

MSCI sorts stock markets into four tiers: developed, emerging, frontier, and standalone. The full picture of all four is in the market tiers article. MSCI's standalone indexes are not included in the MSCI Emerging Markets or Frontier Markets indexes. Even so, their size and liquidity criteria follow Emerging or Frontier criteria.

In practice, MSCI uses this category for markets that do not yet, or no longer, meet the accessibility requirements to be part of the emerging or frontier indexes. As a result, a standalone market can have a small weight, or none at all, in portfolios tracking global MSCI indexes.

Two Ways to Become a Standalone Market

MSCI says standalone markets broadly fall into two groups.

New or Previously Closed Markets

The first group is markets newly on MSCI's radar, or markets that were previously closed to some groups of investors. They sit in standalone while being monitored until their access is good enough to move up to frontier or emerging.

Markets That Dropped From Another Tier

The second group is markets that were previously developed, emerging, or frontier. According to MSCI, a move to standalone can occur after a severe deterioration in market accessibility or in size and liquidity. The proposal for Indonesia falls into this route, a drop from emerging.

Standalone, Frontier, and Emerging: What Is the Difference?

Frontier markets and the other tiers are explained in the market tiers article.

Example Standalone Countries

The full list is in MSCI's Annual Market Classification Review. Examples named in coverage of the 2026 review:

Note that the number and list of countries can change at each review.

MSCI's Proposal for Indonesia (15 October 2026)

This is the part people search for most, so it is covered in detail. All data in this section comes from MSCI's official release dated 15 October 2026.

What Is Proposed

MSCI opened a consultation on a proposal to reclassify the MSCI Indonesia indexes from emerging market to standalone market. MSCI states that Indonesia's continued classification as an emerging market is no longer considered appropriate. It also says a move to frontier would not reflect the depth of the market's problems, so standalone is what is proposed.

Reasons MSCI Cites

Market participants raised concerns about investability, namely opaque shareholding structures and suspected coordinated trading. MSCI notes reforms by Indonesian authorities, such as disclosure of holdings above 1%, investor classification disclosure, High Shareholding Concentration (HSC) reporting, and a roadmap to a 15% minimum free float. But MSCI judges that these have not yet produced consistent and sustained results, and that there is a lack of evidence of meaningful enforcement. MSCI says it expects to proceed with the proposal unless the consultation shows clear evidence of material improvements in governance and market functioning.

Timeline

MSCI also notes that an interim update is possible during the consultation period.

Treatment of Indonesian Stocks During the Consultation

Until further notice, MSCI is not increasing Foreign Inclusion Factors (FIF) or Number of Shares (NOS), not adding new securities to the MSCI Indonesia IMI, and not allowing upward migrations across size segments. MSCI also continues deleting securities identified by Indonesian authorities under the HSC framework, and uses the 1% shareholding disclosure data to adjust free float estimates.

What Is Not Yet Known

MSCI's release does not give Indonesia's index weight or the number of affected stocks, and it does not state an effective date. The size of any impact on funds tracking MSCI indexes therefore cannot be calculated from that source. The proposal concerns index classification, not an assessment of each issuer's business, and it cannot be used to forecast the price of any particular stock.

What Does This Mean for Investors?

For retail investors, a few practical points are worth understanding. First, this is still a consultation and the result may differ from the proposal. Second, if the proposal is approved, funds tracking the MSCI Emerging Markets index would adjust their holdings under index rules, but the size and timing are not yet known. Third, stock prices depend on many factors besides MSCI's classification, including company performance and global market conditions. No buy or sell decision can be drawn from a single classification headline.

A sensible way to follow along: track official announcements from MSCI and Indonesian market authorities (OJK, IDX), watch the 30 April and 30 June 2027 dates, and read primary sources, not just headlines.

Country ETFs on Mobee

If you want to understand how a single country's MSCI index is used in a product, Mobee offers the iShares MSCI South Korea tokenized ETF (EWYON) with a rupiah pair on the EWYON-IDR Spot Trade page. South Korea is an emerging market according to MSCI. The token is designed to follow the price of the EWY ETF and is not the same as owning the ETF directly. First understand the difference between tokenized stocks and regular stocks. Mobee is operated by PT CTXG Indonesia Berkarya, licensed and supervised by OJK. Install the Mobee app to see the price.

Conclusion

A standalone market is an MSCI category for markets outside the Emerging Markets and Frontier Markets indexes, which a market can enter through new status or a drop in access and liquidity. On 15 October 2026, MSCI proposed moving Indonesia to this category, with feedback until 30 April 2027 and a final decision by 30 June 2027. The proposal is not final, and its effect on any particular stock cannot be determined. For the full picture of all tiers, including frontier markets, read market tiers.

Frequently Asked Questions

What is a standalone market?

A standalone market is an MSCI category for markets that are not part of the Emerging Markets or Frontier Markets indexes. Its size and liquidity criteria follow Emerging or Frontier criteria. A market can land here because it is newly assessed or was previously closed to some investors, or because its accessibility or liquidity deteriorated severely.

Is a standalone market the same as a frontier market?

No. A frontier market is part of the MSCI Frontier Markets index, while a standalone market is part of neither the Emerging Markets nor the Frontier Markets index. Standalone is used for markets whose access does not yet, or no longer, meets the requirements.

Is Indonesia already a standalone market?

Not yet. As of 16 October 2026, MSCI still classifies Indonesia as an emerging market. On 15 October 2026, MSCI proposed moving it to standalone. Feedback is open until 30 April 2027 and the final decision is due by 30 June 2027.

Why did MSCI propose standalone and not frontier for Indonesia?

MSCI states that a move to frontier would not reflect the depth of the market's problems. The reasons it cites include opaque shareholding structures, suspected coordinated trading, and reforms that have not yet produced consistent results or meaningful enforcement.

What does a standalone classification mean for stock prices?

It cannot be determined. Funds tracking MSCI indexes would adjust holdings under index rules, but the size and timing depend on a final decision and an effective date that have not been announced. Stock prices are also affected by many other factors.

Which countries are standalone markets?

Examples named in coverage of MSCI's 2026 review are Argentina, Nigeria, Panama, and Trinidad and Tobago. Bulgaria is standalone until the May 2027 review and then moves to frontier. The full list is in MSCI's Annual Market Classification Review.

Disclaimer

This article is for information and education only, not investment advice. Market classifications and data in this article are as of 16 October 2026 and may change. MSCI's proposal for Indonesia is not yet a decision and is not a price forecast. Tokenized ETFs on Mobee are not the same as owning the ETF directly, and crypto assets are high-risk. Do your own research before making any decision. Mobee is operated by PT CTXG Indonesia Berkarya, licensed and supervised by the Indonesian Financial Services Authority (OJK).